Nowadays, businesses have various business funding options available, which include Non-Banking Financial Corporation (NBFCs), banks, schemes by the government, and equity & crowdfunding. Among the multiple options available for small businesses, choosing the right tool for funding is a tough task. It is essential to know several things such as analyzing your store, your business requirements and your capacity to repay the loan. Finding ways to avail business financing is one of the biggest challenges that business owners face. Almost all the choices of obtaining the best business loan are one that takes proper planning. Before making significant plans, the question is whether to opt for a business loan or a microloan. Let's first understand the terms for both the loans.
Business loans are unsecured types of loans that offer financial assistance for businesses. Banks and NBFCs in India provide this loan. The primary aim of a commercial loan is to support the urgent needs of a growing business. Most lending institutions offer term loans and Flexi loans to cater to the requirements of a company. All types of companies like a sole proprietorship, privately held companies, partnership firms, self-employed individuals and retail business owners can avail these loans.
Also read what are the benefits of business loan online at Bajaj Markets
Microloans are small amount loans that are usually offered by organizations whose aim is to encourage small business owners. The sole purpose of this loan is to help the small scale industries who are not eligible for a conventional loan for business to get the required financing. This loan requires less paperwork and proofs as compared to business loans. Microloans have played a significant role in the success of the small business as 70% of the industry in India is small & medium scale enterprises. This loan carries a higher rate of interest because they are typically much riskier than other lending options.
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If you are planning on getting a loan for your business, you can apply for it with Bajaj Markets. Getting a Business Loan is quite natural for small businesses to help them to reach their full potential. The loans from Bajaj Finance are collateral-free, and all the business finance offers is designed to help SMEs reach new heights. The loan disbursement process is quicker, and the loan amount gets credited directly in the borrower's bank account within a few working days after approval.
Offering flexible loan repayment tenure, the loan can be repaid quickly through easy monthly instalments. These loans for small businesses provide momentum to the growing small businesses. You can download the Bajaj Markets App online and get access to quick financing for your business. Before applying for an SME loan, it is best to check with your loan eligibility and credit score check. Also, get a detailed Financial Health Check Report (FHCR) for free, ensuring your loan eligibility and make the complete loan approval process quicker and more comfortable.
Also, look for MSME Loan scheme 2020 and read on how to apply for the scheme only at Bajaj Markets
“Bajaj Markets, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Bajaj Markets, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Bajaj Markets App.”